GenAI Open Innovation - pioneering enterprise-startup collaboration

The event was co-organised by GenAI Fund, Amazon Web Services (AWS), Sovico Group, and the Vietnam National Innovation Centre (NIC) in Ho Chi Minh City, demonstrating the immense potential of collaboration between enterprises and startups in GenAI.

This initiative went beyond networking and matchmaking to include curated hands-on support to drive the next steps of proof-of-concept development between enterprises and startups.

According to a report by GenAI Fund, 92 per cent of startups in this field across ASEAN focus on the business-to-business market. This underscores the vast potential of GenAI in enabling digital transformation and optimising processes for businesses. However, to unlock this potential fully, collaboration among all stakeholders is crucial.

Do Tien Thinh, deputy director of the NIC, commented, "The GenAI Open Innovation initiative is an excellent example of how businesses and startups can work together to solve real-world problems using AI. NIC is proud to support this platform and is committed to fostering collaborations that drive innovation and economic growth in Vietnam and beyond."

"We live in an era where technology is transforming how we work, communicate, and even imagine the future. GenAI, a groundbreaking innovation, is opening new doors for creativity and helping us address real-world challenges in industries such as banking, telecommunications, oil and gas, media, retail, and technology," he added.

The GenAI Open Innovation initiative will expand to Malaysia and Singapore next year. This is a testament to our long-term vision and steadfast commitment to the development of AI in the region. A GenAI ecosystem will be a place for enterprises and startups to collaborate, co-create, and technology that not only serves but shapes a brighter future.

Sovico Group, Vietnam’s leading conglomerate with diverse banking, aviation, energy, hospitality, and real estate operations, announced a strategic investment in GenAI Fund, the first ASEAN-based venture fund dedicated to GenAI to advance the AI ecosystem in Southeast Asia. This partnership will further drive enterprise-startup collaboration, leveraging Sovico’s extensive industry expertise to unlock the potential of GenAI.

Laura Nguyen, partner at GenAI Fund, remarked, "GenAI Open Innovation has proven the potential for enterprise-startup collaboration in reshaping industries through GenAI. With Sovico Group’s strategic investment and the momentum from this event, we’re committed to expanding this platform across Southeast Asia to empower businesses and startups alike."

Participating enterprises included Sovico Group, Vietnam Petroleum Institute by Petrovietnam, Globe Telecom, Phong Vu, WebTVAsia, Pixlr, and Galaxy Technology Services, highlighting the diverse opportunities for collaboration.

The inaugural event attracted 200 attendees from startups and enterprises eager to explore collaboration opportunities. The event’s success reinforces the demand for such platforms to bridge innovation and business needs. GenAI Fund announced plans to expand this initiative with 10 more GenAI Open Innovation programmes across Southeast Asia, starting with Malaysia and Singapore in the first quarter of 2025.

The National Innovation and Startup Festival (TECHFEST) 2024 is poised to be a pivotal event, promoting Vietnam's innovative startup movement.

With specialised technology solutions, Vietnamese startups are attracting increasing interest amid Southeast Asia’s generative AI growth wave.

Vietnam and South Korea will strengthen cooperation in AI, focusing on building core digital infrastructure, data centres, and developing appropriate legal frameworks, while South Korean businesses express interest in investing and collaborating with Vietnamese enterprises for mutual development.